UK Pension Protection Fund seeking securities lending supplier

The UK’s Pension Protection Fund (PPF) is advertising for a new global custodian to provide services including securities lending, following the end of its current five-year contract with State Street.

Under European procurement directives, the PPF is required to retender for its custody supplier after any agreement ends and has listed its tender with the Official Journal of the European Union.

According to the listing, the new contract will last for five years with an “option to extend for two periods of up to two years”.

Other services required by the PPF include: foreign exchange, cash management, settlement, collateral management and risk measurement.

The PPF was set up by the Department of Work and Pensions in 2005 to provide compensation for defined benefit pension holders who lose their pension as a result of their employer going out of business.